Transense Technologies PLC
22 September 2006
Transense Technologies plc
Joint development agreement with Lear Corp.
Transense Technologies plc has signed a non-exclusive licence agreement with
Lear Corporation, a $19 billion tier 1 supplier to the automotive industry, to
integrate Transense's batteryless tyre pressure monitoring system (TPMS)
technology with Lear's remote keyless entry receiver (RKE) technology.
Jim Perry, Chief Executive of Transense said last night: 'Lear is a pioneer of
RKE technology and is the world leader in these systems, with an estimated 60%
of the market. It also supplies 10 million battery-based TPMS systems a year,
which we believe represents approximately 15% of the current market.'
Last night Lear released the following announcement:
'Lear Corp. Announces Joint Development Agreement with Transense for Batteryless
Tire Pressure Monitoring Systems
Southfield, Mich., September 21, 2006 - Lear Corporation (NYSE:LEA) today
announced that it has signed a license agreement with Transense Technologies plc
to integrate Transense's batteryless tire pressure monitoring system (TPMS)
technology with Lear's remote keyless entry receiver (RKE) technology.
Financial terms were not disclosed and Lear's agreement with Transense does not
affect an existing joint development agreement Lear has with Beru for TPMS.
Under terms of the agreement, Lear and Transense will work closely together to
integrate Transense's batteryless surface acoustic wave (SAW) TPMS technology
with Lear's remote keyless entry receiver technology. The two companies have
recently worked together on the development of two functional North American
vehicle prototypes equipped with the batteryless Transense TPMS systems.
'Lear is a world leader in RKE technology as well as a significant provider of
TPM systems to the automotive market,' said Mike Fawaz, vice president,
Electronics Design & Development for Lear Corporation. 'Transense's SAW-based
sensor technology is a game changer and will advance the next generation system
to meet government regulations in a more environmentally friendly manner,
satisfying customer and consumer needs.'
The Transportation Recall Enhancement, Accountability and Documentation (TREAD)
ACT mandates the use of a suitable TPM technology in all passenger vehicles sold
in the U.S. in order to alert drivers of severe under inflation condition of
their tires. This regulation affects all light motor vehicles registered after
September 1, 2007, with phase-in commencing in October 2005 at 20% and ramping
up to 70% after September of this year. Additionally, European and Asian
regulators are also expected to rule on the subject even if no signs of
legislative activity are forecasted in the near future.
A typical TPM system employs four or five transmitter-sensors, an RF receiver
and other satellite hardware which can identify the position of the tire that is
improperly inflated. The current systems utilize a lithium battery in the tire
to power the sensor which has a limited lifespan of ten years and requires
special handling related to disposal of the batteries.
'The new TPM system will provide several benefits including battery elimination,
lower weight and superior functional performance at a competitive price,' said
Jim Perry, chief executive officer of Transense. 'By combining our leading
technologies we can create an industry standard for TPMS that improves product
functionality and recyclability.'
Lear Corporation is one of the world's largest suppliers of automotive interior
systems and components. Lear provides complete seat systems, electronic products
and electrical distribution systems and other interior products. With annual
net sales of $17.1 billion in 2005, Lear ranks #127 among the Fortune 500. The
Company's world-class products are designed, engineered and manufactured by a
diverse team of 115,000 employees at 282 locations in 34 countries. Lear's
headquarters are in Southfield, Michigan, and Lear is traded on the New York
Stock Exchange under the symbol (LEA). Further information about Lear is
available on the Internet at http://www.lear.com.
Transense Technologies is a technology transfer company that develops Surface
Acoustic Wave (SAW), wireless, batteryless, sensor systems for the automotive
industry. Current applications include Tire Pressure Monitoring Systems (TPMS)
and torque systems for Electrical Power Assisted Steering (EPAS) and driveline
management. Transense is listed on the Alternative Investment Market of the
London Stock Exchange (TRT). Further information on Transense can be found on
the Internet at http://www.transense.co.uk.'
22 September 2006
For further information please contact:
Transense Technologies plc
James Perry 01869 238 380
This information is provided by RNS
The company news service from the London Stock Exchange
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